Foreign exchange reserves declined by $10.75 billion to $690.43 billion, RBI released figures

New Delhi| Foreign exchange reserves declined for the second consecutive week. Forex reserves declined by $10.746 billion to $690.43 billion during the week ending October 11, one of the biggest declines in recent times, according to the Reserve Bank of India. Reserves declined by $3.709 billion to $701.176 billion in the previous week under review. Reserves had reached an all-time high of US$ 704.885 billion at the end of September.

Foreign currency assets, the major component of foreign exchange reserves, declined by $10.542 billion to $602.101 billion in the week ending Oct. 11.. Foreign currency assets expressed in dollar terms include the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.

The RBI reported that gold reserves declined by $98 million to $65.658 billion during the week. Special Drawing Rights (SDRs) dropped by US$86 million to US$18.339 billion, the top bank said. India’s reserve position with the IMF declined by US$20 million to US$4.333 billion in the week under review, according to top bank data.